The S&P 500 (SPX) Elliott wave pattern suggests a major Fibonacci resistance point near 5,131 could be hit on 02/27/24. The two – hour SPX chart courtesy of Trading View illustrates the Elliott pattern from the 10/27/23 bottom. Analyzing Elliott wave patterns is like putting together a Jigsaw puzzle. Discovering the location of one pieceContinue reading “Could February 27, 2024 be an S&P 500 Turning Point?”
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U.S. Stock Market Mania – February 2024
Since October 27, 2023 the S&P 500 (SPX) has rallied more than 23% with only one 2.5% correction. Today the SPX gapped up 2.11% the biggest one-day gain in four months! The weekly SPX chart courtesy of Trading View shows the long-term Elliott wave count since January 2022. Several blogs on this website have illustratedContinue reading “U.S. Stock Market Mania – February 2024”
Bear Market Rally Top on 02/22/24?
The S&P 500 (SPX) – intraday Elliott wave patterns suggests a bear market rally peak could occur early in the main session 02/22/24. The 15-minute SPX chart courtesy of Trading View illustrates the action after the 02/12/24 top. This updates the SPX chart illustrated in the 02/17/24 blog “Intraday Examination of the S&P 500” whichContinue reading ” Bear Market Rally Top on 02/22/24?”
Bearish Message From Copper
Copper is an industrial metal, and its price action can be a broad gauge for the economy. Copper tends to decline in periods of economic weakness, rising in economic recovery. The action of Copper vs. the S&P 500 (SPX) since early 2023 suggests that the U.S. economy and stock market could soon be declining. TheContinue reading “Bearish Message From Copper”
Intraday Examination of the S&P 500
On 02/13/24 the U.S. stock market had a large steep decline. Subsequently the three main U.S. stock indices have rallied with the S&P 500 (SPX) being the strongest, on 02/16/24 it was only 9.69 points from its all-time high. The SPX ended the session down, just above important intraday support. The 15 – minute SPXContinue reading “Intraday Examination of the S&P 500”
Apple Inc. Downside Rollover?
The most bearish of the “Magnificent Seven” stocks relative to the S&P 500 (SPX) is Tesla Inc. (TSLA). The next most bearish stock is Apple Inc (AAPL). The action of AAPL from its December 2023 top suggests it could be on the verge of a sharp decline. The weekly AAPL chart courtesy of Trading ViewContinue reading “Apple Inc. Downside Rollover?”
Russell 2000 – Detailed Elliott Wave Count
The Russell 2000 – small cap stock index (RUT) has lagged the broader U.S. stock market since late 2021. An examination of RUT – Elliott wave count indicates it could be on the precipice of a severe decline. The weekly RUT and S&P 500 (SPX) chart courtesy of Trading View illustrates their ongoing divergence. TheContinue reading “Russell 2000 – Detailed Elliott Wave Count”
S&P 500 Long – Term Downside Projection
Today February 8, 2024 the S&P 500 (SPX) reached round number resistance at 5,000. On February 9, 1966 the Dow Jones Industrial Average hit round number resistance at 1,000 and declined 26% in eight months. Something similar could happen to the U.S. stock market in 2024. The weekly SPX chart courtesy of Trading View showsContinue reading “S&P 500 Long – Term Downside Projection”
The Big Picture for U.S. Stocks – February 2024
As stock bull markets progress, investor optimism grows and usually peaks near market tops. Correspondingly momentum wanes as the stock market climbs. Stocks discount the future, and the stocks of smaller/weaker companies are the first to falter in anticipation of economic weakness. The higher a stock index climbs the number of stocks participating in theContinue reading “The Big Picture for U.S. Stocks – February 2024”
U.S. 30 – Year Treasury Yield – Elliott Wave Count – 02/01/24
The 12/28/23 blog “U.S. 30 – Year Treasury Yield – Elliott Wave Count – 12/28/23” noted. “An intermediate bottom for 30 – year U.S. Treasury Yields could be in place”. A bottom for the 30- year U.S Treasury Yield (TYX) was in place and the subsequent rally appears to be complete. The next wave downContinue reading “U.S. 30 – Year Treasury Yield – Elliott Wave Count – 02/01/24”
Four Dimension Trading 